EdgeX Buyback - Play: Review
Personally, even though EdgeX engaged in some dirty tricks (noise regarding ED distribution), I unconsciously expected them to handle things cleanly in the post-TGE phase.
With the circulating supply somewhat limited (though this was actually restricted by slashing the volume of those who farmed ED), and the team holding a significant amount of the supply, the buyback seemed like an intention to boost the price. (I suspect many others thought the same way.)
Also, I thought that a buyback was the only thing they could do in the current situation, and that they would handle it well. I believed this situation could be an opportunity of sorts.
So, predicting that the buyback would be properly disclosed, I took a position. (Of course, this is within the realm of trading, but I thought the probability and return would be high. I tried to minimize risk as much as possible by limiting the position size.) Furthermore, given the scale of the operation, I didn't see any reason not to handle it properly. I devised a plan to build a position before the buyback and profit from the subsequent pump.
Later, the buyback dashboard was released, and the pump actually occurred. I recorded a decent profit.
If there hadn't been any noise, I intended to keep holding and sell at around +$20,000.
I thought it was the best course of action I could take in this scenario, minimizing risk, so I set up my plan accordingly.
However, looking at the actual details of the buyback, the situation itself felt suspicious.
If it was intentional, the handling of the matter was absurd. If it wasn't intentional, it was incompetence; if it was intentional, the team is the bad one, so I have nothing to say.
After analyzing the transaction history together, we confirmed that the funds were being transferred from
EdgeX Exchange (Spot Vault: acting as an exchange hot wallet) ——> BuyBack MultiSIG Wallet.
Then isn't that not a problem?
We are back to square one. Since team members secured a large volume of inventory, accurate verification is impossible unless we can confirm whether they actually purchased it. They might have simply moved their own inventory from A to B.
A Buyback is required, but if the purchase isn't properly verified, it is merely a Transfer or Burn.
However, from our perspective, we cannot verify whether they actually bought it, and even if they did, they should have ensured that this could be disclosed transparently from the start.
They created a situation where they would be criticized even if they had simply bought and transferred the inventory cleanly. Why? Because they were not transparent. They handled it this way even though everyone knew full well that such problems would arise.
Additionally, there were further incidents.
They claimed to have already created a Buyback dashboard, but then consistently maintained that they were "in internal consultation" or "currently under production,"
and it was eventually disclosed belatedly. (Honestly, even I can build a buyback dashboard in under an hour using VIBE coding, so it shouldn't take this long to release this.)
Furthermore, contrary to their statement after the TGE that they were "already conducting a buyback," the $Edge tokens were transferred to the Buyback wallet around 11:30 AM on April 1st.
Not a single one can be confirmed with certainty. They might have just said, "We are currently in the middle of a buyback," and the circumstances suggest that is the case. The amount transferred to the Buyback wallet is approximately $10,000, and the transfers occur at intervals of roughly 15 to 30 minutes.
If they had already bought the tokens and were transferring them to the Buyback wallet, they would have had to send a large quantity at once; sending small amounts over time is something that defies common sense.
Naturally, due to this issue, the price plummeted immediately after a pump, and I liquidated my entire position at break-even. Furthermore, regarding the noise and issues that have existed since the past, as well as the excessive hype generated by referrals, everyone is aware that such incidents have been recurring, leading to delays in the TGE, massive volume slashing on the day of the event, a valuation that fell far short of expectations, and numerous other incidents.
It is truly unbelievable that they are not handling any matters properly; it appears difficult to believe this is not intentional. If it wasn't intentional, that would truly be a miracle. There is a limit to what should be done, but I suspect they have crossed that line far too far.
Many people are fed up with the way they handle everything improperly. Now, regardless of the token price, there is no longer any faith or trust in the team members. Therefore, it seems they will not even attempt to build risky positions, nor will they touch the token itself at all. From a purely personal perspective, I do not see this as a team I can fully support. It is mentally draining, and I judge the strategic risk to be too high.
